Plaza Centers NV on Wednesday said that the Ministry of Finance of Romania issued an arbitration notice against the company.
The Amsterdam-headquartered property investor with interests in Europe and India in May 2022 had issued a request for arbitration against Romania with respect to its Casa Radio project. In April 2023, the company said it had filed its memorial and supporting evidence at the International Centre for the Settlement of Investment Disputes. At the time, it said it sought full compensation for its losses with respect to the project, currently estimated to be up to €425.5 million as at March 31.
Plaza Centers on Wednesday said the notice by Romania’s Finance Ministry was against Plaza Centers, Elbit Imaging Ltd, and a third-party private investor.
It added that the arbitration procedure would be under the rules of the London Court of International Arbitration.
The company said it is in the process of analysing the arbitration notice.
Plaza Centers shares were flat at 40.00 pence each on Wednesday morning in London.
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